An alternative to traditional 401(k) plans, the SIMPLE IRA is a tax-advantaged retirement plan for small businesses with fewer than 100 employees.
Features & Benefits
- Employee contributions are made on a pre-tax basis
- Employers must either match a portion of the employee contributions or make a nondeductible contribution to all employees
- Monies are invested tax-deferred until withdrawn
- All contributions are immediately 100% vested
- Plans are established by an employer with no more than 100 employees. Check with your employer to see if you're eligible to participate
- Employers offering a SIMPLE IRA are generally not allowed to offer any other retirement plan
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